A.I.S. Resource closes $835,000 private placement

Aug 19, 2020

2020-08-18 16:33 ET – News Release

Mr. Phillip Thomas reports

A.I.S. RESOURCES ANNOUNCES CLOSING OF FINANCING

A.I.S. Resources Ltd. has closed its non-brokered private placement of 27,833,333 units of the company at three cents per unit for gross proceeds of $835,000.

Each unit consists of one common share and one transferrable share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share for a period of 12 months from the closing date of the offering at a price of eight cents per common share. If the closing price of the common shares of the company on any stock exchange or quotation system on which the common shares are listed or quoted is equal to or greater than 10 cents for a period of 15 consecutive trading days, the company will have the right to accelerate the expiry of the warrants to a date that is not less than 10 business days from the date notice is given. No finders’ fees are payable with respect to this placement.

Closing of the private placement is subject to final acceptance by the TSX Venture Exchange. All securities issued or issuable in connection with the private placement will be subject to a four-month hold period from the closing date under applicable Canadian securities laws.

The proceeds will be used for acquisition and exploration of the Yalgogrin project and general working capital purposes.

Certain directors and officers are expected to participate in the private placement. Such participation is considered a related party transaction within the meaning of Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions. The related party transaction will be exempt from minority approval, information circular and formal valuation requirements pursuant to the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the gross securities to be issued under the private placement nor the consideration to be paid by the insiders will exceed 25 per cent of the company’s market capitalization. A material change report will be filed less than 21 days before the closing date of the transactions contemplated by this news release. The company believes this shorter period is reasonable and necessary in the circumstances.

About A.I.S. Resources Ltd.

A.I.S. Resources is a publicly traded investment issuer focused on precious and base metals exploration. The company is managed by a team of experienced mining and geological professionals. A.I.S. has been involved in manganese trading from mines in Peru. In July, 2020, A.I.S. entered into an agreement to acquire and develop the Yalgogrin gold project in central New South Wales, Australia.

https://aisresources.com/